Litecoin Price Analysis

Litecoin Price Analysis: Can LTC/USD Hold Gains Above $52?

Litecoin Price Analysis LTC Chart

Litecoin price traded further higher and broke the $54.50 resistance against the US Dollar. LTC/USD may correct lower, but the broken resistance at $52.00 could hold losses.

Key Talking Points

  • Litecoin price climbed further higher and managed to move above $54.00 and $55.00 (Data feed of Kraken) against the US Dollar.
  • Yesterday’s highlighted important bearish trend line was breached with resistance at $53.70 on the hourly chart of the LTC/USD pair.
  • LTC price is now placed nicely above the $52.00 support and the 100 hourly simple moving average.

Litecoin Price Forecast

Yesterday, we saw a decent recovery above the $51.00 resistance in litecoin price against the US dollar. The LTC/USD pair could have faded, but Ethereum price and ripple price recovery helped it to hold gains above $51.00.

Litecoin Price Analysis LTC Chart

Looking at the chart, LTC price climbed further higher and it managed to move above the $54.00 and $55.00 resistance levels. There was also a break above the 61.8% Fib retracement level of the last drop from the $56.55 high to $47.00 swing low.

During the rise, yesterday’s highlighted important bearish trend line was breached with resistance at $53.70 on the hourly chart of the LTC/USD pair. It opened the doors for more gains and the price settled above the $52.00 support and the 100 hourly simple moving average.

It traded as high as $55.76 and it is currently consolidating gains. An initial support on the downside is near the 23.6% Fib retracement level of the recent wave from the $47.08 low to $55.76 high.

Below the $53.70 support, the broken trend line and the 100 hourly SMA could act as a support zone. The most important support on the downside is near the $51.85 level, which was a resistance earlier. Moreover, the 50% Fib retracement level of the recent wave from the $47.08 low to $55.76 high is at $51.42 to act as a support.

As long as litecoin price is trading above the $51.50 support zone, it remains in a positive zone for a push towards the $57.00 and $59.00 levels. If not, it could dive back towards the $50.00 level.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
Related posts
Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Dips Remain Attractive To The Bulls

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Next Bullish Leg Underway

Litecoin Price Analysis

Litecoin (LTC) Price Could Extend Losses Before Fresh Climb

Litecoin Price Analysis

Litecoin (LTC) Price Analysis: Bulls Preparing For Bull-Run Above $100?